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Napocor bloated Meralco's debt.
(From Philippine Daily Inquirer)
Byline: Neal H. Cruz
THE NEW YEAR WILL BE A BAD YEAR FOR Meralco if developments in the last few days are any indication. If President Macapagal-Arroyo gives her imprimatur to a proposal by an unknown government official to take over Meralco if it does not pay an alleged P42-billion debt to the National Power Corp., then like the Napocor itself and other private companies taken over by the government through the Presidential Commission on Good Government (PCGG), this successful company will be run to bankruptcy. The losers will be not only the Lopezes and other stockholders of Meralco but also millions of people who depend on Meralco for their electricity.
How did this quarrel between the Napocor and Meralco come about? In 1994, Meralco contracted to buy electricity that the Napocor generates to distribute to …
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